This week, the price of BTC was influenced by some elements of notable interest for this digital currency. In fact, factors such as the speech of the President of the Federal Reserve, Jerome Powell, in Jackson Hole were decisive. This and other macro data led to the current bullish trend of Bitcoin.
Investors are now waiting for positive news in the current weekly macroeconomic calendar. This will determine whether the largest Cryptocurrency will reach $70,000 or stagnate at the current point. It is important to note that the momentum of this last part of the week generates great hopes.
Is Bitcoin’s bullish trend running out of steam?
During the trading session on Saturday, the BTC price managed to break out of the exhausting position below $60,000. And it did so in an explosive manner as a result of several events such as Powell’s speech. However, by this Sunday, the price had dropped and there are fears that the 64K barrier is too strong for the current purchasing power.
At the time of writing, the price of the largest cryptocurrency is $63,868 per token, according to data from CoinMarketCap. This week, the macro agenda is packed with important announcements, especially in the United States. Among them, the PCE inflation data, quarterly economic growth and unemployment claims stand out, just to name a few.
On the other hand, it is noted that other major markets will also see announcements that could have enormous relevance. Overall, the upward trend in the price of Bitcoin could extend from the current barriers if these announcements turn out as expected.
With this in perspective, it can be said that the elements of exhaustion, although they seem strong, will eventually give way to a continuation of the rally. Nevertheless, surprises often occur in the macro data.
PCE inflation is on the decline in the US. A further decline could benefit Bitcoin. Source: BEA
This week’s macroeconomic calendar
Below is a day-by-day look at the macroeconomic agenda that could impact the price of Bitcoin. As you might expect, this also applies to the rest of the Altcoin market.
Monday:
- Dallas Fed Manufacturing Business Index for August.
Tuesday:
- Germany’s gross domestic product in the second quarter.
- German consumer confidence survey for September.
- US consumer confidence in August.
Wednesday:
- Mixed liquidity data in the EU.
- Speech by Atlanta Fed President Raphael Bostic.
Thursday:
- Consumer, industrial and services confidence in the EU in August.
- German CPI inflation in August.
- US GDP in the second quarter.
- Unemployment claims in the United States.
Friday:
- Harmonised inflation in the EU in August.
- Unemployment rate in the EU in July.
- US PCE inflation in July.
Do you want to always be up to date with the world of cryptocurrencies? Subscribe now to CriptoTendencia’s WhatsApp channel! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.